H.R. 10028: Making Ownership Viable for Everyone Act

This bill would require Fannie Mae and Freddie Mac, two government-backed mortgage companies, to start buying and packaging a new kind of home loan called a portable mortgage within 180 days after the law takes effect.

What a portable mortgage is

Under the bill, a portable mortgage would let a homeowner move the same mortgage interest rate, terms, and remaining loan balance from one home to another, as long as the move happens within 90 days after selling the original home. In simple terms, if someone sells their house, they could potentially keep their existing mortgage deal and apply it to a new house instead of getting a brand-new loan.

What the bill would require

• Fannie Mae and Freddie Mac would have to begin purchasing and securitizing qualifying portable mortgages.
• This requirement would apply only to conventional mortgages that meet each company’s existing rules for purchase and securitization.
• The bill does not itself create a full nationwide portable-mortgage program for all lenders; it directs these two entities to start supporting this type of loan in the secondary mortgage market.

What it could change for homeowners

The main practical effect would be to make it easier for some borrowers to move without giving up a favorable mortgage rate. People who have a low interest rate could potentially keep that rate when buying a new home, which may help reduce the cost of moving or relocating.

What it would not do

• It would not automatically make every mortgage portable.
• It would not guarantee that every homeowner can use this option.
• It would not change all mortgage rules; it only directs Fannie Mae and Freddie Mac to buy and securitize qualifying portable mortgages.

Relevant Companies

• FNMA — Fannie Mae would be directly affected because the bill requires it to start purchasing and securitizing portable mortgages.
• FMCC — Freddie Mac would be directly affected because the bill requires it to start purchasing and securitizing portable mortgages.